ODP (NASDAQ:ODP) Stock Price Up 7.1% – Here’s Why

Shares of The ODP Co. (NASDAQ:ODP) rose 7.1% during mid-day trading on Monday . The company traded as high as $23.91 and last traded at $24.10. Approximately 204,659 shares changed hands during trading, a decline of 48% from the average daily volume of 391,869 shares. The stock had previously closed at $22.49.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ODP. StockNews.com raised shares of ODP from a “hold” rating to a “buy” rating in a research report on Thursday, November 7th. UBS Group cut their target price on ODP from $30.00 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th.

ODP Price Performance

The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.47 and a current ratio of 0.92. The company has a market capitalization of $709.02 million, a price-to-earnings ratio of -25.87, a P/E/G ratio of 0.38 and a beta of 1.40. The business has a 50 day moving average price of $24.72 and a 200-day moving average price of $28.95.

ODP (NASDAQ:ODP) last issued its quarterly earnings data on Wednesday, November 6th. The specialty retailer reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.89). ODP had a positive return on equity of 12.15% and a negative net margin of 0.52%. The firm had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $1.82 billion. During the same period in the previous year, the company posted $1.88 earnings per share. The company’s revenue for the quarter was down 11.3% on a year-over-year basis. Research analysts predict that The ODP Co. will post 3.26 EPS for the current fiscal year.

Institutional Trading of ODP

A number of hedge funds have recently bought and sold shares of the company. State of Alaska Department of Revenue boosted its stake in ODP by 2.1% during the third quarter. State of Alaska Department of Revenue now owns 19,156 shares of the specialty retailer’s stock worth $569,000 after acquiring an additional 394 shares in the last quarter. Principal Financial Group Inc. grew its holdings in ODP by 0.3% during the third quarter. Principal Financial Group Inc. now owns 158,407 shares of the specialty retailer’s stock valued at $4,713,000 after purchasing an additional 459 shares during the period. Quarry LP lifted its holdings in ODP by 170.3% during the second quarter. Quarry LP now owns 1,092 shares of the specialty retailer’s stock valued at $43,000 after purchasing an additional 688 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of ODP by 1.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 82,606 shares of the specialty retailer’s stock worth $2,458,000 after acquiring an additional 790 shares during the period. Finally, KBC Group NV lifted its stake in ODP by 88.9% in the 3rd quarter. KBC Group NV now owns 1,844 shares of the specialty retailer’s stock worth $55,000 after purchasing an additional 868 shares in the last quarter. Institutional investors own 99.56% of the company’s stock.

ODP Company Profile

The ODP Corporation provides business services and supplies, products, and digital workplace technology solutions for small, medium, and enterprise businesses in the United States, Puerto Rico, and the U.S. Virgin Islands. The company operates through four divisions: ODP Business Solutions, Office Depot, Veyer, and Varis.